This paper deals with the following problem. Given a finite extension of fields
$\mathbb{L}/\mathbb{K}$ and denoting the trace map from
$\mathbb{L}$ to
$\mathbb{K}$ by
$\text{Tr}$, for which elements
$z$ in
$\mathbb{L}$, and
$a$,
$b$ in
$\mathbb{K}$, is it possible to write
$z$ as a product
$xy$, where
$x,y\in \mathbb{L}$ with
$\text{Tr}(x)=a,\text{Tr}(y)=b$? We solve most of these problems for finite fields, with a complete solution when the degree of the extension is at least 5. We also have results for arbitrary fields and extensions of degrees 2, 3 or 4. We then apply our results to the study of perfect nonlinear functions, semifields, irreducible polynomials with prescribed coefficients, and a problem from finite geometry concerning the existence of certain disjoint linear sets.